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Forex pairs in this Article » EUR/USD (Barcelona) - EURUSD has sharply declined from its overnight high at 1.2790 and looks to be seeking support close to the overnight low at 1.2733.

Spot caught a bounce overnight to test the hourly 100MA at 1.2781 before sharply retracing in the build up to the European open as reports from an EU official suggested that the Greek EUR 31.bln bailout tranche sign off was not likely to occur on Monday.

Data wise German CPI numbers came in largely in line with expectations. French data this morning has been slightly off colour and Italian Industrial Output disappointed analyst expectations at -1.5%/-1.4% MoM and -4.8%/-4.6% YoY. Ahead, Greek CPI and Industrial Production is due at 10:00 GMT before the Portuguese Global Trade Balance comes in at 11:00 GMT.

Stoyan Mihaylov of Delta Stock notes that there is still a strong downtrend from 1.3139 and he holds a negative outlook and highlights a move to major support at 1.2650 as potentially being on the cards. Elsewhere, European stocks have headed south, gradually being followed by commodities while Spanish and Italian yields are up but stable.
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